This article first appeared on The Inertia.
Nederland, Colo., may soon be the proud owner of a ski resort. For the past year and a half, the small town of 1,500 has been in the process of planning and negotiating a deal to purchase nearby Eldora Mountain Resort from the Utah-based company POWDR. As Colorado Public Radio reports, on Tuesday night, the town’s board of trustees unanimously voted to approve a $120 million purchase agreement.
According to the FAQ on the Nederland website, the goal of the purchase is to “foster new community-centric benefits, including improved local recreational opportunities, economic growth, and sustainability.”
The acquisition would also allow Nederland to control the use of the mountain area for non-winter sport activities, such as concerts and summer events.
However, the sale isn’t quite final yet. Nederland’s next hurdle is to approve the bonds needed to fund the purchase. The plan is to issue revenue bonds backed by Eldora’s earnings, thereby avoiding the need to raise taxes to fund the purchase of Eldora. The deal is also contingent on obtaining the required permits from the U.S. Forest Service and ensuring the ski resort stays on the IKON pass.
If the purchase does manage to go through, the actual transition from POWDR to Nederland would take place over several years.
